Deputy Prime Minister, Minister of Economy Janusz Piechociński, during a press conference in Warsaw , photo:
Deputy Prime Minister and Minister of Economy Janusz Piechociński presented at a press conference the appropriate recommendations for banks.
He said that they should be include negative LIBOR.
Interested borrowers should have the possibility of conversion of credits, but not the current high exchange rate of the Swiss franc. Piechociński appealed at the same time for borrowers to not to take such a decision right now.
The Deputy Prime Minister added that the to the agreements should be entered in the credit and limits vacation installments, and the banks should dispense with additional collateral for loans. Deputy Prime Minister stressed the need to move from the current dominance of banks to the equivalent relationship between the bank and the client.
– First, take into account the negative LIBOR banks, on the other hand, to allow interested parties to borrowers with credit currency exchange francs for gold without commission at a rate equal to the average rate of the National Bank of Poland on conversion, thirdly, the introduction of the so-called. Credit holidays for three years – also for PLN loans – and the introduction of the limit of the installment at the end of 2014. The fourth recommendation is not to require additional security for the loan due to changes in exchange rates – said Janusz Piechociński during Wednesday’s press conference.
Janusz Piechociński also said that the government would like to create a zloty stabilization mechanism in the range of 4.10 to 4.30 zloty per euro. This mechanism would be associated with the activities of banks. The Deputy Prime Minister added that the foreign currency risk of the borrower could be reduced to 15 per cent per year, 40 percent in the next five years and one hundred percent for the duration of the contract. According to Deputy
created a mechanism should be based on non-interference in the functioning and the relationship between the independent and independent bank borrower, who is responsible for their decisions. Janusz Piechociński announced for early February meeting of the management regarding the situation of Polish banks loan agreements entered into in francs.
According to Janusz Piechociński, it is essential that banks were willing agreement with clients. Measures should primarily focus on the interests of the reside nts bought for housing loans in Swiss francs – Deputy Prime Minister said, noting that some borrowers bought several units.
He added that must also look for systemic solutions , on mortgages. He recalled that the government several months considering different solutions to the problem of foreign currency loans. Piechociński added that the government wants to remember not only borrowers who took loans in Swiss francs, but also those who have loans in dollars. He stressed that the problem of Polish franc shows the link with the processes taking place in the global economy.
Deputy Prime Minister Janusz Piechociński a plan to help frankowiczom.
Source: TVN24 Business and World / x-news
Economist: recommendations ws. franc right, but ineffective
Offers Janusz Piechociński ws. franc loans are right, but do not have any causal power. Now the ball is on the side of the banks, which may or may not have to follow them – said the Polish Radio 24 Marek Zuber.
Economist explained that it is doubtful that all banks suddenly began to follow the recommendations of the government, as Minister economy can not dictate anything to them. Although representatives of the banks ensure that they intend to help frankowiczom, are examples of recent years show that such support can not be. – It is not obvious that the bank will keep always fair – he added.
Marek Zuber pointed out, however, that a large part in helping frankowiczom can now play the Financial Supervision Commission, which could take up to supervise the behavior of banks against such persons. According to the economist, the active involvement of the KNF to the case should be sufficient to government proposals come true.
The festival of ideas
The plan presented by the Deputy Prime Minister is the next in the last proposal on the so-called frankowiczom help.
After the decision of the Swiss Central Bank to release franc against the euro, Swiss franc price soared. At its peak exceeded even 5 zł.
This has resulted in the convening of the Financial Stability Committee, where participation – apart from the heads of the Ministry of Finance, National Bank of Poland, Polish Financial Supervision Authority and BGK – representatives of the banks. Bankers declared that borrowers frankowym calculating installments, will take into account the negative franc LIBOR, and some of them announced that it will reduce the foreign exchange spreads.
The LIBOR is the interest rate of loans granted in the international market in London. It is the basis of interest on foreign currency loans – banks add on to it their profit margin. The lower the LIBOR, the lower the interest rate on the loan.
the PBA recommends changes
Polish Bank Association recommended a number of proposals to banks, which would relieve borrowers frankowych. According to these banks for the calculation of interest on installment payments would take into account the negative LIBOR for the Swiss franc. They pointed out, however, that this does not mean that the interest rate could fall below zero. In addition, half of the year would be significantly reduced rate spread, ie the difference between the sales price and the purchase francs to repay the installments. In addition, the borrower, if credited lives in the property, could apply for an extension of the repayment period or temporary suspension of repayment of principal installment.
the PBA has also suggested that banks abandoned their demands new security and insurance loans from borrowers who have not yet repaid the installments on time. In addition, the bankers would not charge a commission, if the borrower wants to replace the (at the average rate of NBP) loan currency – the gold francs. Banks would also apply more flexible rules for restructuring mortgages.
Christopher Pietraszkiewicz, president of the Association of Polish Banks presents recommendations for loans in Swiss francs.
Source: TVN24 Business and World / x-news
Banks open umbrella
Several banks have already informed about the decision on the lenient treatment of debt in the Swiss currency.
PKO BP reported that from 27 January to 30 June. will use the 1-percent. spread when handling franc mortgages. It will also take into account the negative LIBOR and will extend the maturity date within the maximum period of the loan. The Bank currently does not intend to introduce additional security of those borrowers whose debt exceeds the value of the loan.
The Getin Noble Bank lowered temporarily Swiss franc spread to 2.5 percent. The Bank also announced that it will take into account the negative LIBOR. ING Bank Slaski
announced that from 15 January until the end of the year to settle mortgage rates franc will use the average exchange rate of the NBP. He also stressed that their customers from December last year lowers the interest rate on the loan in francs of negative LIBOR. Taking into account the negative
LIBOR and the use of a lower rate of spread also announced mBank, which reported that it plans to enable their customers to extension of credit. In contrast, Raiffeisen Polbank
announced that it intends to require additional collateral from borrowers franc debt, and that will take into account the negative LIBOR for that currency.
IAR / PAP / Press Releases, bless
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